Global Market Insights predicts that the graphene market will cross $200 million by 2024.
The report suggests that graphene’s increasing use in the automotive and aerospace industries will primarily drive the growth, but other industries will contribute too.
The demand for lightweight and energy-efficient vehicles is increasing. Graphene will fuel this change as it can be used to manufacture reinforced laminates that can substitute conventional heavier materials.
Graphene-based composites are used to manufacture lighter aircraft components. Lighter vehicles use less fuel and can help reduce carbon emissions – a goal of governments around the world to save the environment. The increasing demand for lighter and fuel-efficient aircraft will boost the demand for graphene.
Examples of graphene-based products used in the aerospace industry are fiber-reinforced laminates, electrically conductive composites and coatings, epoxy adhesives, advanced coatings, and electrical packaging.
The report points out that the growing need for large commercial aircraft will further push the demand for graphene. The number of large commercial aircraft is expected to rise from 1,430 units in 2016 to more than 1,680 units in 2024.
Graphene is already used to manufacture touchscreens and memory chips for cell phones and other electronic devices. Its use in these products is increasing as researchers develop it further. It can be used to manufacture high-power and low-noise components that are used in handheld electronic devices.
Global Market Insights predicts graphene oxide will account for about 40% of the total revenue share in 2024. They expect the segment to grow with a CAGR above 35% due to its use in electronic equipment, biotechnology, as a surfactant, and in catalytic oxidation.
The report concludes that the aerospace, defense, healthcare, automotive, electronics, energy, and healthcare segments will all help boost graphene revenue in the future.
News source: Global Market Insights